Disaster Law Commons^™

Central Banks And Climate Change, Christina P. Skinner

Vanderbilt Law Review

Central banks are increasingly called upon to address climate change. Proposals for central bank action on climate change range from programs of “green” quantitative easing to increases in risk-based capital requirements meant to deter banks from lending to climate-unfriendly business. Politicians and academics alike have urged climate risk as both macroeconomic and financial stability risk. Relative to counterparts abroad, the U.S. central bank—-the Federal Reserve—-has been more measured in its response.

This Article offers a legal explanation why. It urges that, despite the substantive importance of climate change, the U.S. Federal Reserve presently has relatively limited legal authority to address …

Sink Or Sell: Using Real Estate Purchase Options To Facilitate Coastal Retreat, Richard T. Henderson

Vanderbilt Law Review

Despite the political contention surrounding climate change, scientists almost universally agree that sea levels are rising and will continue to do so. In light of this inevitability, commentators and policymakers have begun to recognize that retreat-the withdrawal of people and development from coastal areas will become necessary, at least in certain areas. Even so, many still question the viability of retreat given the exorbitant economic, political, and legal costs it generally faces. In particular, hardline opposition to retreat runs strong among many coastal landowners. This Note introduces a device for implementing retreat with the potential to overcome these obstacles: real …

Should Bp Be Liable For Economic Losses Due To The Moratorium On Oil Drilling Imposed After The "Deepwater Horizon" Accident?, Steven Shavell

Vanderbilt Law Review

In the aftermath of the Deepwater Horizon accident and the BP oil spill, the government imposed a moratorium on deepwater oil drilling in the Gulf of Mexico. The issue addressed here is whether, on grounds of policy, BP should be held responsible for moratorium- related economic losses. The answer that is developed is no. The reason, in essence, is that, although the spill caused the moratorium, the moratorium might be viewed as a socially beneficial event on net because its purpose was to avert a significant danger.

Organizational Apologies: Bp As A Case Study, Erin O'Hara O'Connor

Vanderbilt Law Review

This Article examines the conduct of BP executives in the weeks following the Deepwater Horizon oil spill to illuminate the use of apology by organizations. After briefly describing the value of apology and its nuances from an evolutionary perspective, the Article describes how apology and other responsibility-accepting behaviors can be mobilized by organizations to avoid the costs of its apparently careless conduct. In particular, organizations can designate particular agents as spokespersons who possess the ability to portray a sense of sincerity and regret. Moreover, reconciliation by ingroup members appears to be more common than is reconciliation by outgroup members, likely …